Catesby Property Group acquired by a rival
WARWICK-based property developer Catesby has been acquired by Edinburgh-based rival Urban&Civic.
No monetary value has been put on the deal.
Catesby was set up in 1996 by Eric Grove and has interests in 5,300 plots across 21 sites.
Its portfolio includes a consented urban extension of Newark-on-Trent, Nottinghamshire and Rugby Radio Station.
Urban&Civic says Catesby will become a significant part of its delivery of strategic new housing in good local economies with direct national rail connections.
Executive chairman Nigel Hugill said: “This is a very happy outcome for both companies. Catesby has achieved consistent, planning-led success over almost 20 years and incorporation within Urban&Civic will enable the key Newark project to be developed in accordance with our business model that invests early in community infrastructure and public realm.
“Eric Grove brings a wealth of knowledge and experience and is a most welcome addition to our shareholder base.”
Grove said: “I am genuinely delighted that Catesby is to become part of the undoubtedly impressive Urban&Civic organisation.
“This was not a decision to be taken lightly. We spent some six months in discussion because we were all determined to get things right. I believe we have.”
Grove has agreed to act as a consultant to Urban&Civic for a period of 24 months and all other staff, including Paul Brocklehurst, the long-standing Catesby chief executive, will remain with the group.
Urban&Civic plc has a market capitalisation approaching £400m.
The group was formed through the reverse takeover of AIM-listed commercial property developer Terrace Hill by unlisted strategic residential land company Urban&Civic in May 2014.
